I compared your log with a 'good' log.. the first thing I notice is :
Exception while loading MPA settings: Value of '1065353216' is not valid for 'Value'. 'Value' should be between 'Minimum' and 'Maximum'.
Parameter name: Value
You might want to take a look at your MPA settings.. Although I dont think thats what is causing the problem. Your log stops at the point it's saving your Music DSP settings So I would look there OR check your Picture settings as that is what it would have saved next.. Look out for numerical values that look 'crazy'
You could rename your existing mediaportal.xml and let the config program re-create one?.....
Tried changing music options and picture options to defaults - no good.
Renamed mediaportal.xml to something else, started configuration.exe , another mediaportal.xml was created, left most options unchanged - no good and same error
I don't think anyone has had this particular error before. The configuration app tends to be very stable. Especially in the releases. Sadly this leads to the conclusion that there is something non-standard on your computer. A couple of questions. Have you ever had reclock installed? Do you have a codec pack installed? If the answer to either of these is yes, we'll go from there. If the answer is no, I suggest you uninstall MP. Delete the MP directory in program files and then install it again.